I create a BOM for 2 different products. We disassemble one product. Put it's components into inventory. Then we assemble the second product using whatever's in inventory. Sometimes, it's the other way around.

Yes its possible through a custom dismantle module, to get back the raw materials from product A into the stock and use them to produce product B. You need to do the reverse of manufacturing process. We have the custom solution for both odoo 8 and 7. Feel free to contact us regarding any queries: akhil.p.sivan007@gmail.com, baijuks@hotmail.com

You need to install mrp_byproduct module. This enables producing multiple products from one production order.

I would think you would have to define a BOM for the assembled product being turned into the component parts. You would also need to have at least one of the assembled products in inventory, to disassemble.

This won't work because there is no step to subtract from inventory the assembly. It will produce the components but won't disappear the assembly. Plus, I can't get it to work so I suspect that the system balks at an empty BOM, empty except for the byproducts tab.